Bank of America to settle claims over Countrywide loans

Bank of America has agreed to settle claims over certain mortgages originated by Countrywide Financial in a deal that could affect up to 390,000 borrowers and be worth more than $8.6 billion. "With this settlement, we have the first-of-its-kind mandatory loan modification program," said Illinois Attorney General Lisa Madigan. "This program is going to help homeowners stay in their homes, which ultimately helps investors. It will shore up communities and therefore it will help with the economy."

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